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Ten Most Frequently Asked Questions About An IRA

It’s the new year, and one of your goals for this new year may have been to open a retirement account. Whether you are 18, 38, 58, or 68, I would encourage you to open an IRA tomorrow, and begin contributing to it regularly. The biggest misconception about saving for retirement is that it’s too late. My philosophy is that it’s never too late to save for the future. If you keep dwelling on the negatives, another day passes by when you could have been saving!

This is a good reference article for those of you looking to open one up. I would also suggest finding an investment broker that you can trust. Check out the Dave Ramsey investor ELP reference database. He will match you up with a broker in your area that he personally endorses to have the heart of a teacher, rather than someone trying to push a product down your throat. Whether you’re a Ramsey fan or not, or even if you’ve never heard of him, check out his database of brokers. He doesn’t receive anything from endorsing them, they are just a group of people that agree to teach people like you and me about retirement accounts and mutual fund investing before we sign the dotted line.

Erik and his wife, Lindzee, live in Orlando, Florida with a baby boy on the way. Erik works as an account manager for a marketing company, and considers counseling friends, family and the readers of Money Crashers his personal ministry to others. Erik became passionate about personal finance and helping others make wise financial decisions after racking up over $20k in credit card and student loan debt within the first two years of college.

The content on MoneyCrashers.com is for informational and educational purposes only and should not be construed as professional financial advice. Should you need such advice, consult a licensed financial or tax advisor. References to products, offers, and rates from third party sites often change. While we do our best to keep these updated, numbers stated on this site may differ from actual numbers. We may have financial relationships with some of the companies mentioned on this website. Among other things, we may receive free products, services, and/or monetary compensation in exchange for featured placement of sponsored products or services. We strive to write accurate and genuine reviews and articles, and all views and opinions expressed are solely those of the authors.